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tv   Markets Now  FOX Business  November 1, 2012 11:00am-1:00pm EDT

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turn. dagen: libya likes scones. connell: thank you, stuart. good morning, everybody. i am connell mcshane. dagen: i am dagen mcdowell. people waiting for the bus on the east coast. lines getting longer for gasoline. connell: the ceo saying he hopes normal power will be restored by tomorrow. dagen: the jobs numbers just days before elections. we sort it all out for you. connell: stocks now with the cult of -- nicole petallides. nicole: so far, so good. day two of trading after
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hurricane sandy hits the eastern seaboard. names like home depot and lowe's have been doing well on the heels of everybody rushing to get things to clean up after the hurricane hit. also, there was separation as well. the immediate impact of sandy is quite significant, trucking volumes and that will take time for a to get back to normal. the more people over the last year or so. hell shire posted solid topline during the latest quarter. connell: it was an absolute commuting nightmare.
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take a look at the gas lines. this is similar in many areas. miles long. people waiting for hours following hurricane sandy to fill up their car. let's bring in tom kloza. >> this is all about the power. once the power comes back, people will get their fuel. connell: it is not as if in a
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normal situation we would have any supply issues. you definitely have a lot of demand for gasoline. power is a big-time issue. does it have any impact on market dynamics and pricing? >> i think a lot of demand is being destroyed. i think what you will see happen is prices and the rest of the country will certainly drop down for gasoline. you see some numbers below three dollars. in the northeast, it will stay about where we are right now. we will have higher numbers, not as hot as california, but a little bit of the disadvantaged region. connell: $3.51 is your price nationally for a gallon of gasoline. purely, in terms of gas prices, how impactful has this storm.
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>> i would say it is, again, most of the impact will be on demand. if we give it a couple weeks and we will go through some real logistical problems in the tri-state area of new york, new jersey and connecticut, i think we will be fine. i want to mention something about crude oil prices, it is something like calling the price of wine based on a grape. we are seeing north dakota crude trading at about $60 a barrel. connell: what happens after all of this? does it shoot back up? what happened after all of this? >> we should go lower. one thing you can count on is the middle of november to the middle of january, you do not give much of a move.
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you bottom out. at the end of the first quarter 2013, we go the other way. there will be petra inouye where people do not think we have enough supply. we should be able to make do. connell: thank you for calling in, tom. >> no problem. thanks. dagen: joining us now also on the phone with more is new york congressman mr. charles wrangle. >> i am in my office answering the phone trying to get help to my constituents. we are so fortunate when i see the tragic events that have taken place with my neighbors on the long island and new jersey. dagen: tell us what problems your constituents are seeing
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the folks up there did not lose power either spin it some of the elevators are now back online. we lost a lot of vehicles that those people were unfortunate to have their grudges flood. we are helping people wherever we can. every day it will improve. i am so proud that every time there is a crisis we can reach down and find that thing that brings us together. dagen: congressman, what is the
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greatest need in terms of the overall city? >> say that again. dagen: where is the greatest need? >> oh, my god, people who have lost their homes and all of their possessions. they've lost the streets, stores, hopes, there is so much pain involved. if we did not have fema and the coordination between all the governors and mayors working together -- i heard one governor saying that when we had this type of crisis before, a southern governor asked him from the north to sense of national guards people down and not only did they go down, but they said it was one of the most exciting and rewarding experiences they ever had.
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helping each other out, but putting together lives where people are saying they are lucky to be alive and able to move forward. we cannot imagine how we can do more to help those people. dagen: what can people do close back i have had a lot of people asked me. >> everybody knows somebody. one of the most serious obstacles of growing old is being lonely. if people could just call somebody to assure them that if they need anything that they are there. give them a call. let people know that we do not have to see each other every day to consider each other family. and for god's sake, do not let
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forgetting somebody come back and haunt us because we should have been there when we should have been. i have been calling people. you have to think about the older people who are fragile and sensitive. you have to think about young kids and those that are on dialysis or oxygen. there are so many things we could do. it makes us feel better for doing it. dagen: congressman, that was very wise advice. thank you for being here. keep us posted. as you said earlier, connell, it is micro not macro what individuals can do. connell: yes. a lot of people and i have seen it myself have neighbors helping
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out. most of them have full houses. that is what people do. people are good. dagen: what does not make it any easier for any new yorker is anyone who was here and lived through 9/11 is it raises a whole host of issues that a lot of people have not dealt with in a few years. loss and struggling to come back. connell: we saw the best of the city back then. we will keep talking about that. dagen: to the markets now. we want to shift your focus. this is the fox business network. we have a rally underway. we did get some better than expected numbers. connell: we will sort it all out for you and tell you what the numbers mean.
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dagen: we have a triple digit rally on our hands.
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we are getting to that time every hour because every 15 minutes it is stocks now. we are close enough, nicole petallides. nicole: i ain't going, no, no. you have ford down 1.5%. we have gotten a lot of news on ford, as well. they did name the chief operating officer. they said it is too early to predict the impact of sandy on the november u.s. auto sales. we do not want to speculate too much on that. we continue to have all of arrows across the board. the majority of the dow jones industrials seem to be doing good. microsoft, caterpillar, disney, jpmorgan, all doing well. apple and facebook coming back
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after selling off yesterday. so far, so good. continuing to talk about how difficult it is to be here and how they got here and how they will get home. people are just trying to get 2 gallons of gas. it is difficult to continue to work in this environment, but they are doing it. back to you. dagen: thank you. connell: it is not easy. time to make you a little bit of money with our friend, charles payne. dagen: make it rain, baby, make it rain. charles: linked in. i think the stock should be so much higher. it is sort of being angered now by facebook. linkedin valuation, and i think we have a table of it, significantly higher than facebook. wait, wait, wait about facebook.
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however, if you look at execution, last time they reported they beat the street by 7%. the street is looking at 70% annual growth versus 23% for facebook. this is a company doing very well. 60% users outside of america. dagen: a huge hiring tool for a major corporation. it is not messy. i don't have to look at some pictures. charles: 5.3 billion professional searches. off a billion from last year. it is professional. it is clean. it is smart. it doesn't have all the other baggage. connell: charles completely ignores it. dagen: he was right.
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i do not post photos of my children and relatives carving pumpkins on facebook. it is annoying. [ laughter ] [talking over each other] charles: target 150. dagen: thank you. connell: hundreds of thousands of homes, boy, it has been some week here. when you look at pictures like this, you are snapped back to reality after hurricane sandy. we will talk about the construction and rebuilding to come. dagen: the cost of lumber. we will dig into that. we will talk to the ceo of a company that has led the way of recovery efforts after katrina and 9/11. this is actually a company that charles has talked about before. take a look at how the dollar is faring today.
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>> 22 minutes past the hour. i am jamie colby with your fox news minute. some subways are rolling again.
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none of them are going into lower manhattan which is still without power. long lines to get a shuttle bus into the city. they carry more than 5 million people a day. the commuter railroads are providing service. in the meantime, all fares are waived through midnight tomorrow night. all three new york airports are back in service. even on a limited basis. laguardia was the last to come back online due to flooding. everyone should confirm flights before heading to the airport. president obama and mitt romney are back on the campaign trail. after three days focusing on the federal response to the storm, the president will attend rallies in wisconsin, nevada and colorado. i am jamie colby and i will send it back now to connell. connell: we will talk to the economy a little bit.
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specifically, jobs. we have key readings out today ahead of the big report tomorrow. it is up 140 on the dow and i believe they like this jobs report. i want to talk about adp. they had some issues with the way they put it together and they changed their methodology. does that affect the way we should look at it back i do not know. first of all, it is such a short data series. there is not a lot of history to it. i like it better that it is a private company based on their surveys. they look at tomorrow's employment data like it means something. it is so highly revised. last september at the original estimate came out about 100,000 jobs. the market got hit.
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it was not a good situation. now, if you look at the number after revisions, it is over 200,000 jobs. my point to the viewer is, try to not look at the individual data point, but look at the trend of the data point. that continues to be positive. connell: give me a quick take on what you think of the stock market in general. i think everything seems to be political or now got this we, obviously, with the storm, with sandy, what do you think of the stock market right now? >> even with sandy, there are things people are trying to invest on that are just guesses. what we have been doing today is we wrote a note yesterday that we cannot guess the impact that sandy will have. what i do know is 13 out of the last 15 election years have been
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up in the third quarter. the credit is wide open right now. it is acting very very well. we know we are not in a recession driven by credit, that means a positive economy. that being true, you have never had a negative election year. we walked into today down 2% for the quarter. that means you will roughly, 7% for the rest of the year. there has been one third of the time, five of the 15 occurrences, the fourth quarter was up 8%. basically, what i am saying, what we are saying, the market should be up somewhere between seven and 10% for the rest of the year. connell: fair enough. it has been tough this week with technology and the storm. you did very well.
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you look cool holding the earpiece. >> it is old school. connell: great to see you. dagen: if you want to look cool on tv, you don't appear. [ laughter ] hurricane sandy leaving millions to clean up. $20 billion in property damage, maybe even more. anthony is a professor at a university. he knows it all. he is joining us from washington, d.c. first off, anthony, do we have enough people to rebuild some of these areas that were just her chili destroyed? >> hi, dagen. unfortunately, the answer is no. after the housing first, the number has gone down. it is limited.
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in other words, the rebuilding. will take much longer than you would normally think. dagen: what will this do to labor costs? >> they will go up. this will be a very expensive recovery. dagen: it will be expensive for homeowners, even if they are insured because of the way that doctor low's work for hurricane insurance. >> it generally is 5%.
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the majority of people on the coast will have to fork up maybe ten-$20,000 for a deductible. if they try to borrow it, back to the type of situation. where will they get the money clips back. dagen: thank you for answering those questions. >> thank you, dagen. connell: we are expecting to hear from mayor bloomberg. dagen: we will talk with one of the men leading the charge to get this nation, this part of the country, back to work. repair the public transit system. you will hear from him. fascinating stuff. here are some of today's winners. you are to love them. here is the s&p. ♪
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or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! nicole: stokes now every 15 minutes. i am nicole petallides live on the floor of the new york stock exchange. all of this action on the news that karl icahn has a 10% stake in the company. of course, you know, when karl icahn is involved, and a lot of change going on. a lot of speculation concerning netflix for names like microsoft and amazon.
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we will continue to watch this. very close. we have all of arrows. back to you. dagen: and unavailable amount of equipment to fix the tragedies. connell: what has this week been like for you? >> this is enormous. the magnitude of the storm was a norman -- enormous. shortly thereafter trying to respond to recovery and cleanup, with a large demand of power and pumps, is just through the roof.
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dagen: talk about the types of equipment that united rentals deals with. do you have enough equipment to meet the task at hand at this point and where are you drawing resources from? >> well, first part of your question is it is very difficult to meet everyone's demand. we do our best. in anticipation we stayed equipment in advance. we have a broad network. $7.4 billion worth of fleet we can move from one part of the country to the other. as i stated, it is first and foremost the recovery. pumps, generators, material handling forklifts, moving equipment, in anticipation of this, we not only staged equipment, but we also staged our first responders. connell: is there any shortage whether it is human or in terms of equipment right now that you are seeing?
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is there anything that we need that we are not getting? >> obviously generators and pumps. you know, a huge demand we are seeing right now. the other thing we are seeing is fuel. once you get this equipment, you have to maintain the fuel for this equipment. whether it be diesel or gas. the gas lines are enormous. we have been working with our vendors to help bring fuel and. in fact we were able to help the mayor's office ring fuel and for his generator the past couple days. dagen: put this into perspective in terms of the length the cleanup effort may take because you were involved in the efforts after 9/11 and even after hurricane katrina. >> it will take years. first of foremost, you will have to see the recovery. engineering drawings.
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i see the rebuilding over the next several years. the good part of it is we are resilient. particularly this part of the country. we will rebuild. dagen: it was great to see you. ceo of united rentals. great to see you. please come back. connell: we've been talking about the long bus lines. people just trying to get into work. we have had the long gas lines. part of that effort to get things back up and running has been led by ed lincoln. what have you seen quick start getting your membership involved in getting people to these
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places, what are the challenges that have come up this week? >> the challenges have been incredible. the biggest challenge has been getting people where they need to be. our members are citizens just like everyone else and they have their own problems back home. we have people sleeping and bus depots so they don't go home and get the restoration going. connell: i think a lot of people forget about that. until you are in the area that is affected, we have all covered storms and talked about them, but would you are here you have to realize you make decisions on your own family and property. for the workers, that is obviously an issue as well. have you relied on people coming in from out of town? i know after 9/11 that was a big help. >> i am not personally organizing that.
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they are being dispatched from other states as well, though. the signal systems on our roads is a good example. many of those will take a hit from this horrific storm. you have electricians working around the clock. you have, for example, 140 trees removed from the long island rail rate by noon yesterday. you have hospitals that were losing power and lost power. we had transit union members who actually transported patients that were in these hospitals to get out of harms way and continue to get care in a facility that actually has power. connell: there has been a lot of progress. i know it will take forever. we have seen it here in new york the last couple days. >> incredible progress. it literally 24 hours, you had part of the subway system running again in new york city.
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you had part of the bus service running in connecticut and will be completely running by the end of the day. we use the word restoration to define what we are doing. the right word is these are people risking their own lives in many cases at the beginning of this disaster relief who were there on the ground helping people in any way that they can. they are providing assistance and our members work for the freight railroads. giving them generators, giving them supplies to make sure the system can be back up and running. connell: along the shore area that have been hit so hard, it will take a much much longer time. thank you, sir, appreciate it. >> thank you. dagen: hoboken new jersey, one of the hardest hit communities in this store.
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the national guard is on-site and so is jeff flock who will report for you live. connell: we will go to hoboken to see what they have been able to do the last couple days. steve will talk about what all of this means for the presidential election next week. it is all straight ahead on "market now." take a look at treasuries today. ♪ [ male announcer ] this is steve.
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he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science.
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it's just common sense, from td ameritrade. >> i have your fox business brief. a sea of green down that wall street. a round of better expected reports coupled with strong manufacturing from china are giving market a boost. general motors is up 4.7% from last year while ford sales climbed only four tenths of a percent. ford analyst say that is due in part to hurricane sandy cunning last month sales by 300,000 vehicles. chrysler had its best sales since 2007. the irs is giving taxpayers affected by sandy some extra time to file returns and payments. they have extended the original deadline by one week.
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that is the latest from the fox business network. giving you the power to prosper. ♪
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dagen: we have the latest update to bring it on the number of people who are still without power because of hurricane sandy. 4.6 million are still without power. the upside is at the peak 8.3 million were without power and electricity. almost 3.7 million people have had their power restored. you can look at the hardest hit states there. the number of them still have no electricity. we do have some idea of when service will come back. seven-ten days for ps eng, 14 days for the hardest hit areas and men had new york city
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underline areas will be back. connell: let's go to jeff flock out in hoboken. jeff: half of those people you are reporting on that do not have power are in new jersey. in hoboken, nobody has any power except for that supplied by the national guard. they brought some in overnight. the scene here in hoboken such a different scene here that what we are seeing the last few days. 20,000 people at one point stranded in their homes as this water came rushing up. look at the activity in the streets. people finally getting out. as i report, they do not have
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any power. this is a beautiful old city hall in hoboken. they have been posting information here. people have been coming here and taking a look. the restoration of power seven-ten days away. they do have have and and -- they do have water. without power for seven-ten days, no path trains into new york for all of the commuters. a lot of young people work on wall street. they have to get to work somehow. connell: thanks a lot, jeff. dagen: people coming into the city, their bosses want them at work and they are trying to get here. it is causing massive transit
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problems. connell: they just need to be a little more understanding, i guess. dagen: we checked on socks every 15 minutes. nicole: but we talk about research in motion, this one thing we certainly have been focusing on is the blackberry ten in testing for services for that have been underway. you can take a look how blackberry maker research in motion is faring today. it is up about 9%. quarter to date, which is basically one month, when you look at this quarter, research in motion is doing quite well in comparison to its big competitor and larger competitor which would be apple. apple has been lower at this quarter, down about 10% while research in motion is up nearly 16% this month. major averages doing quite
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nicely. the dow is up 160-point. connell: we will take it. dagen: steve moore standing by to tell you what all of this means next tuesday. connell: before the election. it has been some weight. i think we will see on tuesday what it means. there is research in motion. one of the big nasdaq winners. green melon -- green mountain coffee 7% higher. we will be right back. ♪
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connell: here we are just five days to go. dagen: picking up something that mr. varney was talking about earlier. does this stall mr. romney's momentum? >> i lived in washington, d.c., you guys are in new york, i know a lot of the viewers are in places like connecticut and new jersey, i have never seen the private sector step forward so much. people are acting neighborly and charitably towards their fellow man. it is a great thing to see. we do not always need government
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to step in and solve these problems. most of the heroic things have been done by businesses, families and churches. president barack obama has dealt with this crisis. it did not hurt that the governor of new jersey, you know, had very complimentary things to say about him. we will see if this caused a bit of a stall in the bit from a momentum we have seen over the last few weeks. connell: we stopped to asking questions like that the past couple days, for obvious reasons. we try to look at these sites that aggregate the polls. on average now it is all tied up nationally. i am sure the national polls that it was as we get to the last few days. the president seems to have a lead in ohio. how would you handicap it, if you are looking at it back i
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have been looking at the polls all morning. they do show, basically, a dead heat right now. probably had a two or three-point lead a week or two ago. the storm, a lot of people -- connell: i have to interrupt you. we have breaking news now with a briefing of the mayor, michael bloomberg. >> let me caution everyone listening or watching that this conference, the first responders rescue and recover number may continue to rise. the toll is still emerging. our hearts are out to those who lost loved ones.
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we have the ability to grief, but also the ability to thank those that are really going the extra mile and to congratulate them. i think the best way to express the sentiments of something yesterday i was with city councilman vincent and jimmy auto and visited tottenville where sandy knocked homes right off the foundation and we went inside and talk to people about their house and aspirations for the future. one of them was a young woman who is a teacher, substitute teacher waiting for a permanent position in our school system. while there were deceased just three doors away, a family lost their lives, we were able to talk about what we needed to do to continue making this the best city in giving all of us citizens opportunities that we want for them. today we are also taking steps to prevent further suffering.
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people need fresh water and food. today starting at roughly 3:00 p.m. we will begin distributing thousands of bottles of water and preprepared meals at a number of locations in hard-hit areas. this will continue until 6:00 p.m. today. the distribution will resume tomorrow morning at 7:30 a.m. and go on until 12:30 p.m. the same thing on saturday and sunday. we will have to work out some procedures to make sure people can get food. some will have their electricity back and they will be back to a roughly normal situation. stores will be open. they will have food. they will have elevator service. that is fine. there are some that will clearly be in buildings that have problems that are much more problematic that will need more
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long-term solutions. our focus is taking care of the immediate needs of everyone. we have given out a half-million fires in english, spanish and chinese in these areas including coney island, chinatown, rockaways in the official standing next to me will also help get the word out in the communities. a lot of people do not have electricity so they cannot go onto the internet, but nevertheless, some people can do it for them. people should bring their own dogs for the food and water if at all possible. speaker christine quinn and her colleagues on the council work closely with us.
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in fact, its operation involved, this operation involves strong cooperation among city, state and federal agencies and with the private sector agencies. i want to thank the u.s. department of health and irvine housing for their they will for example be some 400 members of the national guard and 150 ny see volunteers involved in this effort by going door to door and taking meals to homebound presidents. some people are in high buildings, no elevator. the elderly have a problem comi coming down to the ground. making sure they know this is available and do that by knocking on the door and sticking fires underneath but have to get the food to them and we do that the old-fashioned way. pick up and walk up stairs and handed to them. there are 24 staff with the salvation army also involved. supplies were delivered by federal office federal emergency management agency in coordination with the governor
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office of emergency management. many companies and individuals have made generous offers to support this effort in days ahead and getting up and running has been a public-private partnership that every level in government and private and nonprofit sectors working together and i want to thank everyone involved. the governor and i talked during all of this and he has been helpful. dagen: listening to a press a conference held in manhattan by mayor michael bloomberg giving an update on conditions in the city. transportation and power are the big issues. most of the power should be restored by friday or saturday. i am cheryl casone. dennis: i am dennis kneale. let's bring in steve more. looks like the cost of the storm after the impact is going to be tremendously huge and public/private sector is coming together in a new way.
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>> we don't sell what the final price tag is going to be. i have seen estimates from $10 billion to $60 billion. that is a huge price tag. i hope no one out there actually believe is -- some people believe in the broken window theory that this is good for the economy because it will create jobs. you never create growth and wealth by a natural disaster like this but you got to pay tribute to both government and the private sector in this emergency and catastrophe because i'm not there in new york but where i live in northern virginia, washington d.c. area it has been dealt with very capably. cheryl: role of government is to step in on a federal level. we have disasters on the east coast, as far as economic stimulus the federal government is coming and especially in new jersey and paying for the cost at least for several days to get back up and running. that will help the state's
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finances especially. >> but i think it is much better when you have this kind of crisis, you want the first responders to be state and local government, not uncle sam. we saw what happened with fema during katrina. i'm not a believer the federal government is the best responded to these crises. and in fact if you look at what happened with this storm, sandy, as of the most competent responses have been from private sector and state and local government. we should always rely on the federal government in this kind of situation. states and cities are right on the ground and they have been most capable. dennis: america is great at rebuilding. there's a story about waiting to start rebuilding. as we rebuild the you think we will rethink and all the electronics and electricity controls in basements next to the east river and hudson river?
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>> don't know about that. you are thinking like a new yorker. in the rest of the country as we look at this storm like northern virginia the problem is power lines and. you can reduce the amount of power disruption by putting a electric lines underground. that is the next infrastructure improvement because every time a tree falls on an electric cable tens of thousands of people lose electricity. dennis: thank you for being with us. cheryl: we are looking at a heck of a day with regards to the market and investors alike in the latest job number. look at these numbers but how will tomorrow's big unemployment report be received. mark madsen of scott martin has advice. we were just hearing from the
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mayor of new york city talking about getting the power back on and the rebuilding efforts and the market's reacting to these numbers from what we got from the government from initial claims. would you make of this? do you trust these numbers? >> the market might like them but i think there fabrication and fantasy. last month we had an estimate of 160,000 new jobs revised down to 88,000. this month and have over 158,000 with a new methodology. interesting you have zero job creation except for the last two months before the election. i find it very dubious but even with these numbers unemployment is expected to go back because the real numbers from last month's just came in. complete fantasy. cheryl: agree with that? >> how about complete fairy tale which mark is alluding to. the unemployment rate, two
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surveys here. the establishment survey which surveys real businesses. how many people did you hire or fire last month and then at that out and the other is they call people on the phone and ask if they have a job at it they're looking for work. almost 900,000 jobs were supposedly created in september alone. that number is way off. that with the highest number in ten years. if you look it gdp numbers and 2%, productivity as we got this week growing in the third quarter and to present as well, no way the economy is creating that many jobs. cheryl: i'm looking at triple digits, a lot of it based not just on jobs data but auto sales, october, same-store sales for many retailers coming and strong. i s m, freddie mac, mortgage rates, consumer confidence, pointing to a better economy yet both of you seem a little bit
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nervous. >> marginally visa might be small improvements but the reality is the whole situation stinks. let's look at forty seven million people on food stamps. twenty-three million people unemployed, 1 hundred million people on one type of welfare or another not including social security or medicare or medicaid. we have a complete economy. the only thing saying the economy are hard working entrepreneurs, small business people, ceos, people who are being creative. we are still hobbling along. what we need is a reagan recovery of 1 million jobs a month and until we get that the market could still go about this economy is going nowhere. cheryl: back to the adp no. it was corporations and they change the way they tabulate the numbers because of the partnership with moody's but these are large scale
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corporations that are hiring. maybe there's a positive trend we are ignoring. >> and won't that there's some hiring going on but i don't know it is 100,000 or 200,000. i think is 75,000. as my prediction for the number tomorrow. the call the change between moody's and macro economic advisers previously working on the number timely because they got a good number right before the election but let's not forget they take the survey for the unemployment rate and the non-farm payroll number in the third weekend second week of the month so the bureau of labor statistics being out of power, those electric pencil sharpeners they are using were not in operation, they use their satellite offices to come up with a number and they look a little cloudy to me. cheryl: a lot of questions about the data. we will see how is. scott martin and mark madsen. always a pleasure. thank you. dennis: the dow is up, we are
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happy to be alive but look at these gas lines in new jersey. like the 1970s allover and the scene is similar in new york and connecticut with mile longglines at the station and people waiting hours to fill up following hurricanes and the. many gas stations have run out of gasoline and others remain without power to pump it. cheryl: three mile lines to get gasoline. what effect is the storm having on overall gas prices? let's go to the cme were filled finis standing by with the latest. don't know what you make of what we're seeing that you are seeing the video. what does it mean? phil: across the country were glad you're not on the east coast if you have to fill up your gas tank. is a disaster out there. you are not seeing people able to get gasoline. why is that? there are still 4.7 million people without power. gas stations are without power so they can't fill up the gas tank. if you look at what is happening you see people who want gas
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can't get it and that means less demand. nationwide it is not impacting prices that much. today we got strong numbers out china. strong economic data in the u.s.. gasoline futures are up a penny and a half. not a big move but across the rest of the complex the market reacting to the possibility of demand disruption and that is the bigger picture and what we are talking about in a couple weeks. cheryl: oil inventories were delayed by hurricanes and the but at the same time that is moving the contract as well. phil: it was. no doubt about it. we saw surprise drop in crude oil giving the mark a little bounce. it is interesting we did see a build in gasoline supplies, getting off of the lows and a drawdown in heating oil. kind of a mixed bag on that front. back to you. cheryl: see you soon. phil: back to business on the
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campaign trail. president obama and mitt romney resume their last-minute push for a vote after taking a break for hurricanes and the. cheryl: come and upon debate this, to inform you ahead of election day we will look at which candidate has a better plan to deal with organized labor. dennis: the length some people are going to to get a cup of coffee after hurricane sandy. cheryl: want to take a look at the metals. particularly gold, silver, copper, these have been trading. gold down a little bit today. those surprising little things she does
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dennis: new york's senators announcing the mud will fully reimburse new york state and the city for the cost of emergency public transportation and restoring power. in washington the final push of the campaign is on after the unplanned break caused by superstorm sandy. president obama and governor romney back on the campaign trail and rich edson is watching this. rich: intense campaigning for both candidates in highly contested states. president obama in wisconsin and nevada and colorado. mitt romney is campaigning throughout virginia criticizing the president for its latest economic plan, proposing a new cabinet position. secretary of business. >> came up with an idea last
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night which is to create the department of business. i don't think adding a new chair in his cabinet will help add millions of jobs on main street. rich: president obama says the position would streamline the federal government for businesses. in wisconsin the president is arguing his administration has made progress and a vote for governor romney is a vote for president george w. bush's policies. >> governor romney has been using all his talents as a salesman to dress up these very same policies that failed our country so badly. the very same policies we have been cleaning up after for the past four years. >> the candidates continue to sprint to the. election officials are insuring americans can the next week even with power outages in the contest and key swing state of ohio. the secretary of state office tells fox business all polling place is currently have power for early voting and the state anticipates a smooth election
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day. dennis: rich edson. cheryl: on the topic of election day five days from the election ap has filed the catawba campaign donors. for president obama more than three million each from chicago media group founder and hedge fund manager and hollywood film producer. recognize mr. katzenberg. for governor romney the numbers are much higher led by sheldon adelson and $44 million followed by founder of conglomerate and head of huge real-estate empire. those are the numbers. dennis: let's get to the stock exchange. starts a 315 minutes. what a rally. nicole: what a rally. the dow agenda industrials remained to the upside, about 140 points. we are off of earlier highs but winning day on wall street. this as europe is closing so this is something we will watch and the volume dropping after europe closed so we will watch for that as well. we are seeing gains across the board like home depot and things
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that are related to the cleanup of sandy or the aftermath of sandy. those things are doing better. i want to look at names that is in the earnings front which is cigna. you see an up arrow hitting a 52 week high. membership growing and that certainly helps their profits. they beat the street and they raised forecasts and they are cutting 4% of the work force through the year 2014 and will reinvest them up at money back into the business. we are seeing an up arrow. back to you. cheryl: thank you very much. positive job news but business execs are very concerned about the rising cost they need to pay for employees's health-insurance. we will get reaction from the head of the nation's largest staffing firm. dennis: the tax man extending the deadline for businesses that file returns on payroll and excise taxes. cheryl: let's look at how the world currencies are faring against the u.s. dollar.
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>> 21 minutes past the hour your fox news minute. folks in west virginia picking up the pieces after a steady drop two feet of snow in parts of the state. the blizzard claiming the lives of five people leaving 200,000 without power and state officials saying 28 of west virginia's 55 counties were affected. the department of energy says there are 4.7 million customers still without power in state affected by sandy and it is a decrease of 1.4 million from yesterday afternoon. homeland security secretary judge andrew napolitano will travel to new york to survey the damage. she plans to visit the brooklyn battery tunnel which at this hour remains completely flooded. much of new york city still without power. the big apple recovers from the devastating -- new yorkers do it like nobody else. that is your fox news minute.
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cheryl: thank you very much. a slew of employment numbers ahead of tomorrow's all-important jobs report. weekly jobless claims down 9,000 to 63,000. adp telling us private-sector jobs up to 158,000 but according to challenger, layoffs were up 41%. joining us is george russell, president of the nation's largest staffing firm. what do you make of all these numbers in the jobs picture? >> i see the jobs picture being much more positive than markets. the numbers will be positive over 100,000 gains. unemployment numbers might go up but had bet that means more people putting their names on the rolls to get jobs and we see more jobs out there right now. cheryl: one of the things is staff major events and you work with major corporations but what are ceos telling you about full time employment? part-time is one thing or temporary is one thing.
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that is the trend we had two years. when will we see full time jobs kick in? >> we did a great service with 501 c level executives talking about the market and their thoughts and we saw tremendous optimism. one of the things we did see was health-care benefits are the number-1 concern as well as salaries and compensation but tremendous optimism on fourth quarter as well as 2013. cheryl: i was looking at results of the same survey and it looked like if i was the ceo of a major corporation and we had some on fox business to told us because of the uncertainty of the cost of health to an xyz company the are reluctant to hire. do you hear them with that language to you? >> as we see they are bringing more temporaries in contractors in, they are bringing -- at the u.s. open many of those jobs their going into full-time jobs and beginning in more flexible
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environment, going full time. tremendous positivity from them still. cheryl: we are looking at the biggest challenges to business, obviously regulation is a big piece of that. concerns about government interference. many small-business owners tell us they need to get the government out of the way. what do you hear on that side? >> we talked about the skills gap and the government getting more involved in helping us. mixed emotions and mixed thoughts. we have two really good candidates who are very focused on the economy and job growth. that is good for america. cheryl: thank you very much for joining us. you have quite the i on these jobs pictures across the nation. joyce russell, executive vice president, usa president, thank you. >> thank you. dennis: here's a story so rare it almost seems concocted. the internal revenue service is playing nice. the irs giving taxpayers
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affected by hurricane saying the a break. extending the deadline for filing payroll and excise tax returns to november 7th. the move helps small businesses is returned and payments otherwise were due yesterday. cheryl: air transport still a disaster following hurricane sandy in the northeast. when will things get back to normal? how are stocks in the sector reacting? we will talk about it next. dennis: adp's report on hiring, which candidate has the best plan to deal with organized labor? cheryl: as we go to break we want to look at winners and losers on the s&p, abercrombie, fossil and more. we will be right back.
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cheryl: the latest jobs number, the market a bull run on wall street. which presidential candidate has a better labor plan? 13,240. also helping things, stocks that will benefit as the northeast rebuilds from the devastation caused by hurricanes and the. we are live and dennis is in hoboken, new jersey. let's look at the lines in brooklyn where people are waiting hours to catch a bus, trying to get to manhattan. they are not having a lot of luck. it is 30 past the hour. stocks every 15 minutes with nicole petallides. if nicole: a big day for steve man. i want to start with what is going on on the floor of the stock exchange. now we are seeing our cellphones which came back and you were able to use those to communicate because the land lines in some cases were allocated because there are not as many as usual,
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cellphones service is spotty at best. i am trying to find someone with a working one. i don't want to say they are not working because that makes me nervous to say all or none but so far as i walked around last 5 minutes i can't find someone with a working cellphone on the floor of the exchange said that should give you an indication. let's look get steve madden and name hitting all-time high today after the quarterly report, for very funky high-heeled shoes doing very well for that particular stock. as we look here at the broader market the s&p 500 up 1% and the dow up 146 points. winning day on wall street but it seems it is hard to find a working cellphone on the floor of the stock exchange. spotty service. dennis: the nasdaq back over the 3,000 mark. adp reporting the private sector added 150,000 jobs in october and tomorrow the government
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releases/to employment report before the election. time for debate this and we believe reunion. fred mcmann is president of miller and long d.c. construction and phil dyne is pro union offer of state of the union. thanks for being with us. ville darling, let's look at it. on rows, steel, construction, teachers, unions dominate these industries and all these industries have had real financial problems. our union's part of the problem with the solution? >> it is a nuanced answer. well managed and well run unions are part of the solution. when unions don't do a good job, when they are not realistic in their negotiations and so on their part of the problem. just like management. union are unanswerable part of our industrial agreed nations system and they can best perform that function when they are strong enough to represent their
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members. dennis: unions represent 7% of the private economy and 40% union representation in government jobs. is that a problem? >> it is because of the nature of what they're supposed to be bargaining for at least on the public sector side. one thing you said earlier, unions domine construction is an old notion. 36% of all construction workers are non union in the united states. the problem is who are they bargaining for and against? sort of like fdr said along time ago. the notion of public employee unions was anathema to the entire concept of having union thing general. dennis: why don't we have more union representation in this country in the private sector? is a matter of employers are just really mean or unions are not offering things we workers one? >> a variety of factors. one is economic transformation,
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globalization, changes in the way we work here. it is also trade deals that encourage the exporting of jobs, building stuff overseas. it is also mistakes unions made, not showing -- it is also what you said. is also a higher labyrinthine labor law that makes it complicated to form unions and finally it is employer aggressiveness. there is a multibillion-dollar industry called union avoidance in this country that teaches employers how to avoid having workers even get the chance to the union in the workplace. dennis: if unions were so great then why do they insist on a closed shop in most states where they operate? they don't like a right to work state and job creation better in states where i don't have to be long to union to get a job? >> it is. there is sort of a miss use of terms out there about collective
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bargaining and collective bargaining rights. we are talking about two different things. employees only under our labor law have the right to choose an exclusive bargaining agent. to create a monopoly. that is what union are trying to protect. other forms of collective action under a law are illegal in the united states for employees because that is the way the law was written and that is the way unions try to keep it. what has happened in right to work states, we have seen a match on 2.4% increase in jobs in the right to work states and-3.4% decrease in jobs in on right to work states and it is 6% differential and right to work is part of that. dennis: that is a wrap but it was a nice and civil debate. thank you very much. good day to you, gentlemen. election day approaching fast. we will be debating the issues
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that matter until november 6th. two more to go. tomorrow we will debate this with jobs, with dan, chief economist and christian dorsey of the economic policy institute. cheryl: time for your west coast minute as hurricane sandy it so did apple ceo tim cook announcing a major management change with apple shares below $600. the company is dealing with negative reviews of its ipad mini. getting criticized for bad display quality and high price. also in silicon valley netflix getting a taste of hurricane carl icahn. the activist investor gained a 10% stake in the company. the question is why? some speculate he may want to see netflix acquired by one of the bigger tech names like microsoft or amazon. stock was up 14% yesterday. today it is down by a fraction. shares of las vegas's boy gaming plunging. stock down $0.35 at $5.82.
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the company reported third quarter loss of $15.8 million. the company which owns casinos in nevada and jersey and atlantic city on the coastline of atlantic city is blaming acquisition expenses and operating income for its swing to that loss. dennis: east coast airports back on track after hurricane sandy. cheryl: how the super storm is causing coffee drinkers to walk miles just to get a cup of coffee in the morning. first take a look at the 3 senior treasury as we go to break.
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diane: this is your fox business brief. exxon mobile reporting profit of $9.57 billion on revenue of $150,700,000,000 with the oil and gas wine also showing of a tax burden large companies face in the u.s. saying you pay more than $24 million in taxes in at three month period. all three detroit automakers release their sales figures with general motors up 5% from last year. ford analysts tell the wall street journal sales climbed 0.4% due in part to hurricanes and the cutting last month's sales by 300,000 vehicles but
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chrysler had the best october since 2007 and consumer confidence jumped to its highest level since february of 2008. last month's rating of 72.2 topped expectations. that is the latest from the fox business network giving you the power to prosper. man: we are rolling. all right, mama's gonna bring it home, mama's gonna bring it home. oh, no! man: oh, mom! aah! announcer: challenge your kids to be active and eat healthy. all right, let's see what you can do. let's go. announcer: search "we can" for ideas on how to get healthy together. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, ojumping into the marke he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees.
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so he can worry about other things, like what the market is doi and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. cheryl: new york airports reduced schedule along the east coast, trying to get back to business as usual. peter barnes at reagan national airport in washington to see the latest and how many planes are landing. rich: the airlines think everything will be back to normal by tomorrow. ac data in a web site called flightall where.com and is projecting tomorrow there will be 16 cancellations of whites according to the airlines, air
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line data. there are 640 or so yesterday, over 3,000 and for the whole wheat 20,800 according to flightaware.com. we have more passengers here today than yesterday and fewer cancellations on the board but we do have some problems still. you can see flight rate our 24.com showing planes in the air. nehr -- new york airport operating with reduced service. newark and jfk reduced schedules, la guardia according to united has one of two runways open. we have the delta shuttle kind of running here, every so often. the u.s. airways shuttle up to 9 la guardia not running as yet. cheryl: so many people still stranded. thank you very much. dennis: how long will it take full airline service to be restored? joining us on the road is mary
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shea of low, an attorney and former inspector general of the department of transportation. thank you for being with us. i remember they talked about no red tape and a passed ball that but one party airport could be facing some real inspection problems before it can fully reopened. >> that is right. there was good news that one of the runways opened and they have about flights in and out of la guardia. what has to happen after a disaster like sandy is the faa has to be sure that runways do not endanger flights and runway lighting systems and the guidance systems for the aircraft, air traffic control did not sustain damage. they can be rapidly repaired. just takes money from the federal trust fund to do it. it will be a while before they can resume full service unless the faa finds with a few minor repairs it can be opened. the other thing is a sidewalk that makes sure there are no free object on the runway that
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can cause damage and that can be done in a matter of minutes. just hanging on whether there's a safety issue on one closed runway. dennis: newark and jfk open and la guardia trailing behind. what is so much harder about la guardia? >> they were inundated with water. they had water come over the runway and a lot more to deal with in terms of actual physical damage to the flight operations surfaces. they will also face a problem of airport workers. great to get your flight in but if there is no 1 to drive the jet or do catering or clean the plane that is another problem. we have experienced that in prior storms that have delayed flights even though planes and runways were operating fine. safety is the number-1 concern. dennis: a report in the united post that in san francisco, missed its departure by hours because the pilot couldn't get from manhattan to the airport because of the rules saying you
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have to have three drivers -- three passengers to go anywhere. if you were redesigning la guardia today and building it would you put the runway right there right next to a source of water? >> no. there are so many problem with la guardia at location. it is a very old airport and years gone by, for your 50 years ago or 60 years ago, that wasn't a concern. la guardia got water problems with the water and a landfill across from the water which put bird hazard near la guardia. is not a great location for an airport but once an airport closed to a city is operating, very difficult to close them down. just ask washington national, reagan national. that was supposed to be closely for decades ago but it is too convenient. dennis: good stuff. thank you, former inspector general with the department of transportation. good day to you. cheryl: a quarter till and every 15 minutes we are looking at
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stocks. what do you have? nicole: want to look at some of the names that are on the move in the aftermath of saying the. we know there was a lot of preparation that went to protecting homes and all kinds of things but the cleanup, we are seeing names on the move and look at these. plumbing pictures and cabinets, a big mover today, and paint and coating and you can put sherwin-williams in there. number liquidators, got to rebuild, hard wood flooring and such. that is a big winner. lows, home depot, laz-z-boy, sherwin-williams and the generator company we have seen on the move and charles payne called back from last week. the dow and the nasdaq ntsb continue with cabarrus with the s&p up 1%. everybody went downstairs and got a free lunch. we have free food, one thing that is good news on the floor of the stock exchange other than opening which is the other piece of good news and so far so good.
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investor confidence should be nice because things are going smoothly. no cellphones service. dennis: new yorkers have been forced to put up with a lot over the last couple days due to hurricane sandy. no power, flooded streets, no mass-transit. the most unconscionable thing of all, no coffee. starbucks, chains like starbucks, duncan doughnuts scrambling to reopen forcing new yorkers far from their normal stops to get their caffeine fix. cheryl: i have a serious addiction to copy and is true. there are a lot of starbucks that are closed and there will be an issue with revenue for people like starbucks to take these stores open and this is today. a lot of new york is starting to come back. dennis: if you are there for me i love you and if you are not i am not sure i am going to forget it. dennis: cheryl: you a copy drinker? dennis: not much.
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cheryl: i drinkable copy for both of those. sandy wreaking havoc on business throughout the east coast but we will tell you how the superstores creating a windfall for social networking giant twitter. dennis: first let's look at today's winners on the nasdaq. [ male announcer ] you are a business pro. governor of getting it done. you know how to dance... with a deadline. and you...rent from national. because only national lets you choose any car in the aisle... and go. you can even take a full-size or above, and still pay the mid-size price. this is awesome. [ male announcer ] yes, it is, business pro. yes, it is. go national. go like a pro.
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cheryl: live pictures courtesy of fox affiliate w n y w. this is new jersey and this is the turnpike and it is a mess. this is a rest stop on the new jersey turnpike. you are looking at a tanker trying to refuel. major gas shortages in new jersey. three hours lines per people
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trying to get gasoline. mini vehicles running out of gas in those lines. we continue to look at the issue of new jersey and this is happening all over the new york area right now as we have massive gasoline shortages not just in new jersey but long island, traffic jams, incredible traffic jams, people trying to get on to the island of manhattan and many vehicles a long bridges are turning away going back. we wanted to show you the incredible sight coming out of new jersey right now. superstorm sandy slamming hoboken, new jersey trapping presidents in their homes due to severe flooding. could be weeks before people can get back to work. jeff flock writing things out in hoboken, new jersey. jeff: it is all about the new lines in new jersey today, not just gas lines but look at the line outside cvs pharmacy. we can tell you, no power in the
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storm of hoboken and no expectation of power in the next week or ten days. there is a sign that says cash only, no eyes or flashlight or candle, no kidding. no power likely for the next week or so. as you can see, the national guard is here in force. also, a rolling diner has come up. these are guys that might give you some hot food. icy hot dog for $3 and hamburgers for 5 and a quarter. folks from fox news in the line for the food over it there. that is pretty scary. you got to eat no matter where you are. cheryl: a lot of reporters out there and you are one of them over the last four days. we should mention a lot of people that work on wall street and financing folks live in hoboken and came into the city. jeff flock, thank you.
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great stuff. dennis: all the damage inflicted by sandy this horrible hurricane may mean a windfall for twitter. millions of users took to swear to keep tabs on sandy. media outlets used to get the latest out lines, local governments and the storm's past been down information. in a single day the hatch tag sandy got four million posts from four hundred thousand accounts and on facebook, more than 350,000 pictures were posted. that also means prankster's put up bogus shots like these right here. these are fake. cheryl: at a picture of the statue of liberty was fake? there were a lot of fake pictures. twitter, snow made about their only information only from twitter. dennis: carol trusted. one guy comfortably smug put in three feet flooding in the stock exchange. lot of people repeated it. cheryl: big banks are looking to make things easier for the
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northeast customers hit by superstorm sandy. wells fargo and bank of america waiving or refunding out of network atm fees according to reports in usa today. and credit card payments for customers. to make banking more accessible many banks are placing mobile atms through mobile manhattan and hard-hit areas. a nice thing from banks. dennis: a commuting disaster continues in new york as storm recovery efforts are underway. massive lines in brooklyn as people wait for buses. cheryl: long lines, we should you live pictures from fox affiliate, a huge line for gas and shortages out there. markets are triple digits. obviously a lot more happening in the stock market. melissa frances and lori rothman continuing coverage next.
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>> welcome the aftermath of sandy, and yet they dia dow up.
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>> china could lead the economic recovery out of this mess. so many messes to talk about whether it is with the weather or for the market. melissa francis and lori rothman have a lot to go through in the next hour. melissa: yes, we do. lori: stocks up big, though off on reports showing strong consumer confidence. a drop in jobless claims. all this a warm-up for tomorrow's job report. melissa: getting back to normal after sandy. gas stations running on empty, public transportation system is simply overwhelmed. look at that. lori: president obama, there he is, and governor mitt romney back on the campaign trail. mayb

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